09 May 2021

For most of us, superannuation falls under the category of ‘Not taught in school, not needed now so why bother’…

Look, I know superannuation sounds super boring, but it’s actually suuuper important. If you know zilch about it, dw! We’re here to give you the goss without boring your brains out.

So, why is it important??

Simply put, super is the money your employers put away for you while you’re working for them so that you have savings for when you stop working.

So, the more you have in your super when you stop working, the more money you’ll have to enjoy yourself and live your best life.

You might already have a super account and you’re not even aware of it. If you have a full time, part time or even a casual job and you earn more than $450 in a month then your employer is required to make super contributions. If you’re under 18, you’ve gotta work more than 30 hours a week to get super.

Aren’t I too young to worry about this?

While you probably couldn’t give two hoots about retirement now, we can guarantee you that one day you will.

The average life expectancy is 80 to 85, yet you retire anywhere from 60 to 65 year…That’s almost another 35 to 40 years of living and spending with little-to-no income or relying on the age pension!

Superannuation can also help in the not so-distant future too, like buying a house!

Where does my money go?

Your money doesn't just sit there lookin’ pretty. Superannuation funds invest your money. This means you can make a positive impact on the world simply through what super account you choose!

While using metal straws and riding bikes to work is admirable, one effective way to fight climate change is choosing a super fund that creates a better future for Australians and the world. These funds are sustainable, generate heaps of jobs and contribute to a more productive economy.

If you’re struggling to sleep at night knowing your super is being invested into coals, fossil fuels and nuclear weapons... maybe it’s time to take some action.

What else should I consider when choosing a fund?

When you’re choosing a super fund there are a few things to consider, it’s also important to do your research on independent websites like Money Smart.

Fees: Some funds have higher fees, while others have lower fees but it’s important to consider the super fund’s long term performance and other features (like insurance, investment options and advice). It’s all about weighing up the pros and cons and picking which fees suit you best.

Investment options: Like we mentioned before, make sure you understand where your money is being invested, and that you’re comfortable with the investment option you’ve chosen.

Insurance: Insurance through super is a great way to protect your income and live with peace of mind. Check what insurances come automatically with the account and how much it costs and determine if these are suitable for you.

Extra benefits: Super funds do more than just take care of your retirement savings. Some also offer extra benefits like financial advice, retirement products and even shopping discounts.

Don’t stitch your future self up! Get your super sorted ASAP! If you wanna know more about superannuation, dw, we’ve teamed up with Aware Super to help you guys better understand superannuation and empower you to make a difference for your future back account and the world.

We’ve created four modules and if you complete them all, you can go in the draw to win $1000!!! Ummm, that’s super unreal. What are you waiting for?! Check it out here.